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Challenger updates warehouse

Standard & Poor's rated a new warehouse facility for Challenger Mortgage Management Pty Ltd.The Challenger Millennium NPL Trust is a securitisation of non-performing mortgages.The Class A notes issued by the trust were rated 'AA-'. A large proportion of the underlying mortgage pool is in arrears but there is mortgage insurance covering the full face value of the mortgages. The class A notes amount to A$129.8 million with credit support coming from A$6.8 million of unrated Class B notes.

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